On Nov. 13, 2019, the Internal Revenue Service (IRS) released draft 2019 forms and instructions for reporting under Internal Revenue Code (Code) Sections 6055 and 6056. 2019 draft Forms 1094-C and 1095-C (and related draft instructions) will be used by applicable large employers (ALEs) to report
Final Rule on Hospital Price Transparency Released
On Friday, Nov. 15, 2019, the Trump administration released its final rule regarding hospital price transparency. This final rule will take effect Jan. 1, 2021, a year later than originally proposed. The Centers for Medicare and Medicaid Services (CMS) had been listening to feedback on a proposed
COBRA Continuation Coverage
The Consolidated Omnibus Budget Reconciliation Act (COBRA) allows individuals to continue their group health plan coverage in certain situations. Specifically, COBRA requires group health plans to offer continuation coverage to covered employees and dependents when coverage would otherwise be lost
HSA Key Features for 2020
Health savings accounts (HSAs) are a popular type of tax-advantaged medical savings account available to individuals enrolled in high deductible health plans (HDHPs). Individuals can use their HSAs to pay for expenses covered under the HDHP until their deductible has been met, or they can use their
Pay or Play Penalties will Increase for 2019 and 2020
On Sept. 11, 2019, the IRS updated their Questions and Answers (Q&As) on the employer shared responsibility rules under the Affordable Care Act (ACA), to include adjusted penalty amounts for 2019 and 2020. According to the FAQs, the penalty amounts will be increased as follows: For calendar
Federal Agencies Finalize Resources for Mental Health Parity Compliance
The Departments of Labor, Health and Human Services and the Treasury (Departments) have finalized resources to promote compliance with the Mental Health Parity and Addiction Equity Act (MHPAEA). MHPAEA requires parity between mental health and substance use disorder (MH/SUD) benefits and medical and
Annual Medicare Part D Creditable Coverage Disclosure Notices
Employers with group health plans that provide prescription drug coverage to individuals who are eligible for Medicare Part D must comply with certain disclosure requirements. Notification of Creditability to Covered Individuals¹ Notices must be provided to Medicare-eligible active working, COBRA,
Open Enrollment: What’s Changing in 2020?
To prepare for open enrollment, group health plan sponsors should be aware of the legal changes affecting the design and administration of their plans for plan years beginning on or after Jan. 1, 2020. Employers should review their plan documents to confirm that they include these required